According to Santiment, a $20.7 million whale transfer caused the price of Polygon (MATIC) to rise to its highest level since August. The greatest Polygon network transfer since July occurred when a whale moved 37 million MATIC, which caused an exceptionally high jump in holder activity.
https://x.com/santimentfeed/status/1709325802633113651?s=20
A 4% price surge for the 12th largest cryptocurrency by market size coincided with the transfer of 37 million MATIC from a whale PoS address to a three-year-old wallet, according to Santiment, while the rest of the crypto market saw losses. The aforementioned transaction, according to Santiment, was the biggest one to occur on the Polygon Network since July.
On-chain information from IntoTheBlock also supports a notable uptick in whale activity. $89.45 million worth of significant transactions have moved through Polygon, a 411.7% increase.
Large transactions are ones that total more than $100,000, according to IntoTheBlock. A spike may signify increased buying or selling activity. A large transaction volume offers an idea of the total amount transacted by whales and institutional players on a given day.
MATIC price action
At the time of writing, MATIC has increased by 3.95% to $0.592 in the previous day. The token has increased 17% during the past week. Since hitting resistance at $0.50 on September 28, Polygon’s price has been climbing gradually.
Six out of the past seven days, MATIC have been in the green since September 28. A big barrier around $0.544 that had been impeding the MATIC price in recent weeks was broken by the increase, which culminated in today’s session with highs of $0.599.
Given the deployment of Polygon 2.0, a series of suggested enhancements that would completely alter the ecosystem, Q4 looks to be a busy one for Polygon.
With the publication of three Polygon Improvement Proposals (PIPs) and a Phase 0 plan in mid-September, the network formally declared the beginning of Polygon 2.0 deployment.
The three Polygon Improvement Proposals (PIPs) that were published described changes that, if accepted by the community, would start in the first quarter of 2014.
